HSBC - Pay off credit card bill using online banking

intalex

Does anyone know how many days it takes for a payment of an HSBC credit card bill from an HSBC current account (via online banking) to clear in the credit card account?

I do understand that the banking and credit card sections are segregated, hence I wasn't expecting an instant transfer. Is it the normal BACS 3-day period, or is it more/less?

kipwilliams

it takes a while for the payments to show up on the CC account, but it's actually applied next working day, as far as i know.

jonesMUFCforever

Doesn't it say on the back of your credit card statement?

ManAtHome

I'd have expected next working day as well - Nationwide Flex to CC works like that, and HSBC inter-account transfers are normally 'instant' (I have a few HSBC accounts, but not their CC).

gt94sss2

intalex wrote: »

Does anyone know how many days it takes for a payment of an HSBC credit card bill from an HSBC current account (via online banking) to clear in the credit card account?

The HSBC website says:

You can now pay your HSBC or first direct credit card bill by using your debit card at any HSBC cash machine.
The payment will be debited from your account immediately. It may take up to three working days to become available on your account, but will credit immediately for interest purposes.

I presume doing it online will be the same for interest purposes, though the balances may update quicker..

Regards
Sunil

intalex

I've received this in a reply to my e-message:

The bill payments made from your bank account credit your card account within three working days. For interest purposes, the payment will be backdated to the date the payment was made.

I know the back-dating takes care of the interest, but does it also take care of a potential late payment penalty? Is it safer to pay off the bill 3 working days before the due date, or is it perfectly ok to do so on the due date (assuming the due date is a working day)?

intalex

And finally, I also received this reply to my follow-up e-message:

I confirm if the bill payment for the statement balance is made from your bank account on the payment due date, no late payment fee will be charged. Also, no interest for the purchases will be charged.
However, please ensure that the payment is made before 8.00PM (UK time) on the payment due date. If the payment is made after that, the transaction will not be processed until the next working day and the payment will be considered as late by one day.

debster369

intalex wrote: »

I've received this in a reply to my e-message:



I know the back-dating takes care of the interest, but does it also take care of a potential late payment penalty? Is it safer to pay off the bill 3 working days before the due date, or is it perfectly ok to do so on the due date (assuming the due date is a working day)?

It is backdated for both interest and charging purposes so as long as you made the payment on the day it was due, there should be no late payment fee (although I think the cut-off time is 8pm).

debster369

Oops, just ignore me. I never noticed last post where you found that out for yourself.

klint

Now that's nice, I never realised that was the case, and assumed the critical date was when the money actually reached the credit card account. I wonder if that's the same with Alliance & Leicester, whereby their credit card is not actually run by A&L themselves, but by MBNA on their behalf. I doubt it's as good as HSBC's rules.